NYSTRS taps Cheiron to analyze Gov. Cuomo pension proposal
By Robert Steyer | February 14, 2013 2:10 pm
New York State Teachers' Retirement System, Albany, has hired Cheiron to provide an independent actuarial analysis of a pension proposal from Gov. Andrew Cuomo, confirmed Heidi Brennan, a spokeswoman for the $90.9 billion teachers' pension fund.
In an e-mail, Ms. Brennan said Cheiron will submit a preliminary report by March 8, and then the pension fund's governing board will schedule a meeting for Cheiron to present its findings.
The pension fund wants Cheiron to evaluate a proposal by Mr. Cuomo that would lock in employer contributions to the pension fund in steady annual contributions. His proposal affects school districts and requires approval by the teachers' pension fund.
The proposal also affects municipalities, which means state Comptroller Thomas P. DiNapoli, as sole trustee of the $150.1 billion New York State Common Retirement Fund, Albany, must approve the plan. The comptroller has expressed concerns about the proposal, but his office is reviewing it.
Mr. Cuomo's plan also must be approved by the state Legislature.
The teachers' pension fund RFP said Cheiron has two responsibilities: Determine whether Mr. Cuomo's plan is “actuarially sound” and analyze various financial scenarios provided by the pension fund.